Earlier this month Apple also announced the hiring of Paul Deneve, former CEO of French fashion house Yves Saint Laurent. Apple said, Deneve will be working on special projects as vice president and will be reporting directly to Apple CEO Tim Cook.

There are speculation that he will be working on the iWatch and other wearable technology projects.

The iWatch is seen as the Apple’s logical next step following its iPod, iPhone and iPad products and the emerging industry focus on wearable computing devices.

However, there is still a possibility Cook might decide not to launch the iWatch even if Apple had already made several applications to trademark the name.

Cook has been guarded about his plans only saying during April’s earning call that: Our teams are hard at work on some amazing new hardware, software and services we can’t wait to introduce in the fall and throughout 2014.”

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